A joint venture of Slate Property Group and GreenOak Real Estate announced they closed on the acquisition of RiverTower at Sutton Place for $390 million from Equity Residential.
Located at 420 East 54th Street in the Sutton Place neighborhood, the 38-story, 311-unit rental building property one of the neighborhood’s largest rental properties and an opportunity for the buyer to tap into the strong demand and rental growth within the submarket.
RiverTower is situated on a through block site between East 53rd and East 54th Streets and has views of the East River.
It has dual street entrances, a porte-cochere driveway and below grade parking garage.
Originally developed by Harry Macklowe in 1982 and purchased by Equity Residential in 2010, RiverTower offers one-, two- and three-plus apartments with building amenities including a bicycle room, a 28,000 s/f landscaped plaza and a fitness center. Slate and GreenOak intend to reposition River Tower as the premier, full service rental property in the Sutton Place neighborhood through a comprehensive building renovation and unit upgrades.
Darcy Stacom and William Shanahan of CB Richard Ellis represented the seller in the transaction.